The Egyptian Electricity Transmission Company (EETC) has confirmed financial close of a 64.1Mwp solar plant under the first round of the Egyptian Feed-in Tariff (FiT) programme.
According to a press release, the Egyptian-based company Infinity Solar S.A.E. and German-based companies ib vogt GmbH and Solizer GmbH & Co. KG, have successfully reached financial closure the solar power plant project in Benban, Aswan, Egypt.
The release explained that the Infinity 50 Solar Park will comprise of a 64.1MWp solar array over an area of 98.6 ha with almost 200,000 solar panels mounted on a state-of-the-art horizontal tracking system.
Once operational, the plant is expected to produce over 110,000MWh per year, equivalent to the electricity required to power about 69,000 homes, while preventing over 1,293,000 tonnes of CO2 emissions in the course of its 25-year lifetime.
The project is part of the Benban solar development complex with a total capacity of up to 1.86 GWp, which will be one of the largest solar generation facilities in the world when completed, the media statement said.
Infinity 50 Solar Park
The Infinity 50 project was jointly developed by Infinity Solar S.A.E, ib vogt GmbH and Solizer GmbH and obtained project financing from Bayerische Landesbank for 85% of the debt, with the remaining 15% coming from Arab African International Bank.
The loan is covered by the German government through Euler Hermes ECG.
Managing director of ib vogt GmbH, Anton Milner, commented: “We are very pleased to have secured this project and to have been one of the very few consortia able to successfully qualify for the landmark Egyptian round one programme. This is the culmination of many months of preparatory work in what has been a very complex project, representing a very significant investment for the company."
Milner added: “It also demonstrates the company’s ability to manage and structure such an undertaking. We would like to thank all of our partners for their efforts in assisting the consortium to secure the qualification for the project, the PPA and to achieve financial close. We look forward to constructing the plant and helping to bring much needed sustainable electricity with all its associated benefits to the country in 2017.”
Meanwhile, Mohamed Mansou, the Managing director of Infinity Solar S.A.E, said: “We are very proud to have secured this project under the FiT Round one qualifications.
The solar power plant, with construction reported to be already underway, is being constructed and will also be commissioned by ib vogt GmbH as the EPC contractor and O&M services provider.
The project is expected to create over 400 jobs in the region during the construction phase.
Once energised, the plant’s entire electricity output will be sold to EETC pursuant to the signed 25-year power purchase agreement and other contracts.
Featured image: Sun & Wind Energy